Sundance takeover talks continue

Sundance Resources says it remains in talks with China’s Hanlong Mining and will also meet with Chinese regulators before deciding on its next move in the protracted takeover battle.

The Sundance board met in Perth on Friday to mull its options, which include terminating a $1.3 billion scheme of arrangement with Hanlong Mining. But the company told the Australian Securities Exchange on Friday that talks are continuing.

“Sundance confirms that it has met with Hanlong representatives. The company remains in incomplete and confidential discussions with Hanlong," it said. “As part of this process, Sundance anticipates further discussions with Hanlong and the National Development and Reform Commission."

On Thursday Sundance entered a trading halt amid reports that Hanlong’s founder and chairman, Chinese entrepreneur Liu Han, had been taken into police custody in Beijing. It is reported that Mr Liu’s detention relates to his involvement in Macau casinos.

The Macau casino industry has been riddled with scandals involving mainland Chinese tour operators, which allegedly use the archipelago as a destination for money laundering.